Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
Pan American Silver (NASDAQ: PAAS, TSX: PAAS) announced that operations at its four mines in Peru – Shahuindo, La Arena, Huaron and Morococha – will be temporarily suspended, in accordance with government-mandated restrictions in response to Covid-19.
On March 16, the government of Peru declared a national state of emergency that requires a 15-day quarantine nationwide.
Pan American will conduct care and maintenance activities during the suspension, it said. The company added that it is too early to determine the full impact on Peruvian operations for 2020.
“Our primary concern is the health and safety of our employees and contractors, and the communities in which they live and work,” Pan American CEO Michael Steinmann said in a media release.
